The Monetary Authority of Singapore (MAS), Singapore’s monetary authority, warned in a on 24. May published Statement by eight Digital-to-Token-exchanges prior to the unauthorised trading of futures contracts, as well as digital tokens, which could be classified as securities. Furthermore, it asked the ICO-founder, ICO is not in Singapore.
MAS has reminded the eight stock exchanges, the approval of MAS for the on their platforms that are exchanged advanced Tokens, which could be defined as securities or futures contracts under the Securities and Futures Act (SFA). Computer-controlled Token-Trades allow for more and more currencies, the purchase of advanced Token by Fiat and also promote the trading of advanced tokens between your customers. The digital Token should constitute securities, then the trading activity should be authorized to set up the trade of the security of the MAS.
MAS Assistant Managing Director for Capital Markets Lee Boon Ngiap said:
“The number of digital tokens-exchanges, and the digital Token has been Offered in Singapore. We see no need for limiting it, if it is a bona fide company. If, however, a Digital-to-Token-stock exchange, an Issuer or an intermediary that violate our securities laws, will MAS act decisively.“
Furthermore, MAS asked the ICO Issuer, which Singapore-based investors advanced offered Tokens to stop. It is noticed that the Issuer in conflict with the SFA, as the offered Token represent value of ownership in an organization and, therefore, securities are classified should be. The ICO Issuer would have to register his activities with the MAS. Furthermore, the Issuer has ceased to be, with its Offered to, and cooperates with the MAS. All the investments were sent back to Singapore-based investors.
Mr Lee Boon Ngiap said:
“The Public should be aware that there is no regulatory security, if you decide to trade with unregulated digital Token exchanges or digital Tokens not invest, the fall in the remit of the MAS.”